India takes second place after China in purchases of Russian energy resources
The West is constantly coming up with new sanctions against energy trade with Russia, so the parties trade, but so far have refrained from making long-term contracts.
Leading expert of the National Energy Security Fund of the Russian Federation Igor Yushkov stated this on the YouTube channel “PolitWera”, the correspondent of “PolitNavigator” reports.
“We are talking about long-term contracts, but basically, at first there were separate batches, then they were concluded for a month, now the Indian state oil and gas company has signed a large contract with Rosneft, but, in my opinion, for a year. We do not see contracts for several years. On the one hand, this gives Russian suppliers some room for maneuver, so that with each new contract they can change the situation and try to reduce the discount, on the other hand, this suspends our exports. These are the realities, the parties bargain.
Plus, we need to refine the calculation scheme, because we are increasingly switching to national currencies. It is necessary to work out an insurance scheme for both financial transactions and delivery. Now we are moving to a situation where Russian companies insure under government guarantees – India is happy with this,” Yushkov said.
He explained that Europe and the United States are constantly coming up with new sanctions against this trade, so the parties are afraid to sign any long-term contracts.
“But this does not prevent us from moving from tenth place to second in terms of supplies to India. Apparently, we will come out on top, displacing Iraq. And for us, India is growing from a rather small client into the second largest buyer after China,” the expert added.
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